Lon­don re­mains top choice for EU tech fund­ing

Shanghai Daily - - TECHNOLOGY -

LON­DON is Eu­rope’s most at­trac­tive city for tech­nol­ogy start-ups, de­spite a sharp slow­down last year, a study showed this week.

With Brexit loom­ing, the Mayor’s pro­mo­tional agency Lon­don & Part­ners said that 1.8 bil­lion pounds (US$2.3 bil­lion) was in­vested in fledg­ling tech busi­nesses in 2018.

That rep­re­sented a near 30-per­cent slump on 2017 and was the first slow­down in six years, L&P said in a state­ment.

But Lon­don’s 2018 to­tal was still dou­ble the level of Berlin, which stood in sec­ond place at 936.53 mil­lion pounds, while Paris was third with 797.04 mil­lion pounds.

In­vest­ment is be­ing pro­pelled by a “sig­nif­i­cant” in­crease in fund­ing for emerg­ing sec­tors such as fin­tech — or fi­nan­cial tech­nol­ogy — as well as Ar­ti­fi­cial In­tel­li­gence and Blockchain.

Bri­tain con­tin­ues to be a ma­jor force in Euro­pean tech, with a grow­ing stable of so-called “uni­corns,” pri­vate com­pa­nies that are worth more than US$1.0 bil­lion each. Such ti­tans in­clude on­line banks Monzo and Revo­lut.

Bri­tain’s en­tire tech start-up sec­tor raised al­most 2.5 bil­lion pounds last year, down 20.2 per­cent from 2017.

How­ever, the com­par­i­son was skewed be­cause 2017 saw vast deals, in­clud­ing food courier De­liv­eroo, vir­tual re­al­ity spe­cial­ist Im­prob­a­ble and money trans­fer firm Trans­fer­Wise, that did not ma­te­ri­al­ize last year.

(AFP)

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